New Hampshire rental vacancy is up 44.0% YoY. These 10 Markets Have Rising Commercial Vacancy RatesRemote Work Is Hurting Investors New York City commercial vacancy rates have increased by almost 6% since before the pandemic as remote work slams the sector Oct 05, 2022 6 min read In this article Wyoming rental vacancy is down 2.67% YoY. Grand Rapids-Wyoming metropolitan area has 3.5% rental vacancy, down 46.2% YoY. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. Commercial real estate investment totalled $58.5 billion in 2022, which . The statewide rental vacancy rate in Wyoming is 7.3% as of the end of 2022Q3; thats 21.7% above the national average. Between 2005 and 2015, rental vacancy in Virginia declined 33.3%. In the Manchester metropolitan area, the multifamily rental vacancy rate is 2.4% in 2022Q3, up 60.0% YoY. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. Revenue expectations for 2023 are mixed among those surveyed40% say revenues should increase, 48% see revenues decreasing, and 12% expect no change. Hes a frequent author of blogs and thought leadership pieces as well as giving presentations to clients and industry groups. 29.7% of Arizona households do not own a home as of 2022Q2. Originally published byCommercial Observeron December 2, 2022. The overall vacancy rate, including sublease, increased 80 bps quarter-over-quarter (QOQ) and increased 140 bps YOY from 17.9% to 19.3% in Q4 2022. . Rental vacancy in Maryland decreased 12.2% in 2021. Currently, you are using a shared account. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. The national rate of homeownership is 66.0% as of 2022 Q3. 35.6% of Georgia households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. Urban Honolulu has a rental vacancy rate of 6.7%, up 168% YoY. Homeowner vacancy in Kentucky is 0.5%, down 37.5% from the previous quarter. Urban retail tends to boast higher rent levels than other retail, Calanog said. 26.0% of Kentucky households do not own a home as of 2022Q3. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. The market realized an increase in asking rental rates in the fourth quarter of 2022, as rents climbed to a record high of $21.52/SF, up $0.22/SF from the third quarter of 2022. This statistic is not included in your account. Here are the most impactful commercial real estate trends we can expect to see in 2021. . The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. 33.1% of Alaskan households do not own their home as of 2022Q3. Accessed March 02, 2023. https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/, Cushman & Wakefield. Rental vacancy in Kentucky increased 9.09% in 2021. Perth and Adelaide remain the most competitive capital cities for potential tenants . 31.8% of Oklahoma households do not own a home as of 2022Q2. Our forecasts suggest that unless the Fed changes course, 2023 will be characterized by slower GDP growth as monetary policy continues to tighten and global economies adapt to inflation, Calanog said. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. New leases for over 9.1 million square feet of industrial space in Minneapolis were signed as of Q3 2021. Units constructed after March 2010 are the most likely to be empty with a vacancy rate of 11.3%. Between 2005 and 2015, rental vacancy in South Carolina increased 12.7%. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. Rental vacancy in New Mexico increased 57.1% in 2021. Use Ask Statista Research Service, Cap rate of retail property in the U.S. Q1 2022, by segment, Average rent shopping center property in the U.S. 2020-2022, by region, REIT median premium to NAV in the U.S. 2019-2022, by property type, Sales price retail properties per square foot in the U.S. Q4 2020, by property type. Certain types of buildings or rental unit structures are more likely to have high vacancy rates. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Featured national commercial real estate reports, Discover our local market commercial real estate outlooks, H2 2022 Hampton Roads Multifamily Research Report, Minneapolis St Paul Year End Industrial Report 2022. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Access to this and all other statistics on 80,000 topics from, Show sources information Multifamily properties continue to perform well, and the hot streak for industrial properties remains. Hovering around 7.6% to 7.8% Boston vacancy rates are considered very low compared to the national average of 11.5%. J.P. Morgans website and/or mobile terms, privacy and security policies dont apply to the site or app you're about to visit. Between 2005 and 2015, rental vacancy in Montana declined 60.7%. 24.8% of Indiana households do not own a home as of 2022Q3. From 2015 to 2020, Michigans rental vacancy rate decreased 15.7%. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. North Dakota rental vacancy is up 12.4% YoY. Office-using employment has increased by 3.6% year-over-year, and the National Association of Realtors identified San Antonio as one of the top 10 commercial office markets in 2021. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. 10.6% of vacant housing units are second homes. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. Rental vacancy in Vermont declined 20.6% in 2021. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. Click the links below for secure access to your accounts: With a recession growing more likely, the industry may face a tough year ahead. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. But much like the housing market, the newer, renovated spaces, are in high demand. Four (4) major metropolitan rental markets are have high vacancy: Greensboro-High Point, North Carolina (17.5%), Little Rock- North Little Rock- Conway, Arkansas (13.3%). Data provided by Commercial Edge Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The statewide rental vacancy rate in Nebraska is 5.9% as of the end of 2022Q3; thats 1.67% below the national average. Highlights. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. Multifamily owners and investors arent immune to cost increases. Among the 75 most-populated cities, 53.3% saw increased rental vacancy YoY while 37.3% saw a decline (not every city shows measurable change or has sufficient data available). However, recent trends by property subtype vary widely, ranging from a low of 3.2 percent (general retail) to a high of 7.9 percent (neighborhood centers). The Boston-Cambridge-Newton metropolitan area has a rental vacancy rate of 2.5%, with no change YoY. Rental vacancy in Maine increased 28.9% in 2021. 36.2% of Connecticut households do not own a home as of 2022Q3. 27.5% of Alabama households do not own their home as of 2022Q3. ", Cushman & Wakefield, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market Statista, https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/ (last visited March 02, 2023), Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph], Cushman & Wakefield, July 13, 2021. From 2015 to 2020, Vermonts rental vacancy rate decreased 26.5%. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Montana rental vacancy is down 34.2% YoY. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . 1978 to 1988, rental vacancy rates rose 60%, or at an annual rate of 6.0%. Rental vacancy in North Dakota decreased 5.88% in 2021. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. From 2015 to 2020, Pennsylvanias rental vacancy rate decreased 1.22%. Rental vacancy in Georgia decreased 23.1% in 2021. 2023, iPropertyManagement.com. From 2015 to 2020, Connecticuts rental vacancy rate increased 1.79%. U.S. Office Fundamentals Soften as 2022 Closes. Between 2005 and 2015, rental vacancy in Nevada declined 24.3%. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. Rental vacancy in Massachusetts declined 33.3% in 2021. 1968-1973 are Available online from Hathi Trust External 27.7% of Idaho households do not own a home as of 2022Q3. The future of office buildings remains up in the air. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. Between 2022Q2 and 2022Q3, Hawaiis rental vacancies increased 59.3%. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Maryland rental vacancy is down 32.3% YoY. The Hartford metropolitan area has an average rental vacancy rate of 3.0%, down 63.4% YoY. Vacancy rate: 13.4%. Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | DC | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. The national office vacancy rate rose to 12.5% in the fourth quarter, almost reaching the 12.9% vacancy rate in the third quarter of 2010, following the . The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. Rental vacancy in Indiana declined 37.4% in 2021. Units with monthly rent prices of $2,000 or more have 9.0% vacancy, a 0.00% change YoY. Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. Rental vacancy in California declined 28.6% in 2021. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. Homeowner vacancy in Minnesota is 0.9%, up 80.0% from the previous quarter. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Between 2022Q2 and 2022Q3, Utahs rental vacancies increased 6.38%. 26.1% of Minnesota households do not own a home as of 2022Q3. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. The statewide rental vacancy rate in Arkansas is 12.9% as of the end of 2022Q3; thats 115% above the national average. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. and Quebec City's most prominent neighborhoods. Between 2022Q2 and 2022Q3, Californias rental vacancies remained stable. Billings had a 2.4% multifamily rental vacancy rate at the end of 2022Q1, up 4.35% YoY. New Mexico rental vacancy is down 1.82% YoY. Between 2005 and 2015, rental vacancy in California declined 24.6%. The New York-Newark-Jersey City metropolitan area has a rental vacancy rate of 3.3%, down 26.7% YoY. Learn more about how Statista can support your business. (Deloitte) South Carolina rental vacancy is down 41.7% YoY. 30.3% of South Dakota households do not own a home as of 2022Q3. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. Between 2005 and 2015, rental vacancy in Wisconsin declined 33.0%. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Tennessee rental vacancy is down 7.14% YoY. Between 2022Q2 and 2022Q3, North Carolinas rental vacancies increased 53.7%. Rental vacancy in Mississippi increased 46.6% in 2021. Between 2022Q2 and 2022Q3, Minnesotas rental vacancies increased 12.5%. Learn more about our commercial real estate solutions: Global opportunities mean global challenges. New York rental vacancy is down 15.7% YoY. From 2015 to 2020, Nevadas rental vacancy rate decreased 2.56%. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). The industry has begun to respond and deliver record amounts of new warehouses. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. The statewide rental vacancy rate in Oklahoma is 9.0% as of the end of 2022Q3; thats 50.0% above the national average. Cushman & Wakefield. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. 29.6% of Maryland households do not own a home as of 2022Q3. There are extensive statistics on the Housing and Urban Development population, households and families, housing occupancy and vacancy, housing sales, construction costs, and mortgage financing. Rental vacancy in West Virginia increased 14.1% in 2021. 33.5% of Arkansas households do not own a home as of 2022Q3. We tend to believe that an increase in vacancy rates is bad news for property owners. Between 2005 and 2015, the average rental vacancy declined 23.3%. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. Homeowner vacancy in Oklahoma is 1.2%, up 71.4% from the previous quarter. Baton Rouge has 6.6% rental vacancy, down 22.4% YoY. California rental vacancy is up 2.50% YoY. From 2015 to 2020, North Dakotas rental vacancy rate increased 31.2%. Miami Office: $44.9B Miami Industrial: $63.3B Miami Multifamily: $67.4B Miami Retail: $60.6B 6) Miami CRE Sales Statistics (Past 12 Months) Miami's commercial real estate market sales in 2022 across the four principal sectors. Homeowner vacancy in Kansas is 1.0%, down 9.09% from the previous quarter. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. South Dakota rental vacancy is down 42.0% YoY. Rhode Island rental vacancy is up 120% YoY. From 2015 to 2020, Ohios rental vacancy rate increased 16.9%. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. From 2015 to 2020, New Jerseys rental vacancy rate decreased 40.8%. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. Washington rental vacancy is up 7.84% YoY. In Sarasota, Florida, vacancies nearly tripled in 2021. But both cities also entered the pandemic with much higher vacancy. Dayton has a rental vacancy rate of 5.9%, up 55.3% YoY. Rental vacancy in North Carolina declined 8.70% in 2021. Office properties are arguably the weakest sector in a commercial real estate market, most definitely in downtown Chicago, where the office vacancy rate hit a fresh high of 21.4% at the end of . Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. 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